CVC Names TPG’s Todd Sisitsky and Peter Rutland as Co-CEOs
CVC Capital Partners has appointed TPG veteran Todd Sisitsky and its own president Peter Rutland as future co-chief executive officers, setting up a leadership transition at the private equity firm for the first quarter of 2028. The pair will succeed current CEO Rob Lucas, who will step down from the top role after leading CVC since 2021.
Sisitsky will join CVC from TPG, where he had served as president since 2021. TPG disclosed in a regulatory filing that Sisitsky resigned from his position as president and from its board on September 6, effective immediately. At CVC, Sisitsky will also chair the firm's Partner Board.
Sisitsky Moves From TPG to CVC
Sisitsky spent more than 23 years at TPG and most recently served as president and co-chair of its Management Committee. He was also a managing partner of TPG Capital and built much of his investment career around healthcare, pharmaceuticals and medical devices. His investment track record includes companies such as IQVIA, Allogene Therapeutics and Par Pharmaceutical.
His move is notable because CVC has traditionally developed senior leadership internally. Bringing a senior executive from a major US private-equity rival into the firm's top leadership marks a significant external appointment, while giving CVC an executive with experience overseeing multiple investment strategies and a large global platform.
Peter Rutland Provides Internal Continuity
Rutland will share the CEO role with Sisitsky and brings nearly two decades of experience at CVC. He has been with the firm for 19 years and currently serves as its president and managing partner, overseeing its Credit & Insurance, Secondaries and Infrastructure strategies. He has also led CVC's global financial services sector team for many years.
The combination gives CVC a leadership structure that blends an external appointment with an experienced internal executive. CVC said the planned transition follows its established approach of making senior leadership changes over several years rather than through abrupt succession.
Rob Lucas Will Remain Involved
Lucas has led CVC since June 2021 and oversaw the firm's listing on Euronext Amsterdam in April 2024. He will leave the CEO position in the first quarter of 2028 but is expected to remain involved in CVC's investment activities and at group level. He will also continue serving on several investment committees and as a key person for Europe/Americas Fund X.
The transition comes after a strong first half of 2026 for CVC. The firm reported €153 billion in fee-paying assets under management at the end of June, up 9% from a year earlier. Fee-related revenue increased 9% to €771 million, while fee-related earnings rose 11% to €442 million.
CVC Enters the Transition From a Position of Growth
CVC has been expanding beyond its traditional private-equity base into areas including credit, infrastructure and secondaries. In the first half of 2026, the firm recorded €10.8 billion in gross fundraising inflows, while its fee-paying assets continued to grow across several parts of the platform.
The firm's leadership change therefore comes at a time when CVC is trying to scale a broader asset-management business while maintaining investment performance. Its shares, however, have remained below their 2024 IPO level, with Reuters reporting they were nearly 19% below their debut price as of the latest announcement.
CVC's succession plan gives the firm more than a year to prepare for the handover. Until 2028, Lucas will remain CEO while Sisitsky joins the firm and Rutland continues in his current leadership role. The eventual co-CEO structure will put two executives with different backgrounds at the center of CVC's next phase: one coming from a major US rival and the other from a long career inside the European private-equity group.
